The Chicago Climate Exchange (“CCX”) is a voluntary tradable permit program for reducing greenhouse gas emissions. The program includes voluntary emissions reductions and trading for all six greenhouse gases. Trading in carbon dioxide is expected to generate the most interest. Member companies make a legally binding agreement to reduce their emissions of greenhouse gases by 4% below the average of their 1998-2001 emissions by 2006. This figure was reached during the design phase, through consensus among the founding member companies. It was a goal that all of the companies felt they could reach, but CCX representatives note that it is possible this number will change once the program is up and running. It is unclear whether this was a reduction that many of the companies were going to achieve through other means, regardless of their participation in the CCX.
Farleigh, Angie. "The Chicago Climate Exchange: Greenhouse Gases be Reduced Absent Government Mandates?" Sustainable Development Law and Policy, Summer/Fall 2003, 23-27.